facebook
twitter
rss
account
search
search
 

Norway sets aside more money for energy

Oct. 17, 2013 at 6:47 AM   |   Comments

STAVANGER, Norway, Oct. 17 (UPI) -- Norway's energy agency said it was pleased the federal government raised its budget allocation by $1.2 million for fiscal year 2014.

The federal government calls for $75.8 million for operation expenses, equipment procurement and maintenance in the Norwegian Petroleum Directorate in the 2014 budget. The $41 million for operational expenses is $1.2 million greater than the budget for 2013.

"Increased efforts by the Norwegian Petroleum Directorate can contribute to new projects that will result in improved recovery and thus also increased value creation from operating fields," Arne Holhjem, NPD director for technology, said in a statement Wednesday.

The NPD said it would focus its efforts on fields in the North Sea.

"These fields are important due to significant remaining resources, potential major investment decisions and important decisions with regard to long-term development solutions," the NPD said.

Norway expects to produce 1.8 million barrels of crude oil, natural gas liquids and condensate per day in 2014. Gas production should reach 3.7 trillion cubic feet for the year.

Topics: 2014 budget
© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Tony Hayward: Kurdish oil sector open for business Tony Hayward: Kurdish oil sector open for business
2
Textron's G-CLAW on target in live-fire demonstration Textron's G-CLAW on target in live-fire demonstration
3
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
4
$3 gas could make a comeback $3 gas could make a comeback
5
Starbucks testing smaller Frappuccinos Starbucks testing smaller Frappuccinos
Trending News
Video
x
Feedback